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GTMortgage product offers credit facilities to customers whose salaries or business proceeds are domiciled with the bank to part finance the acquisition of residential properties in selected cities within the country.

Features and Terms

• Product Description: This product offers credit facilities (term loans) to part finance applicant's acquisition of residential property in locations acceptable to the Bank. The facility can be used for construction or outright purchase of properties in locations outside the ones approved by the bank if the collateral is either a legal mortgage over another property located in the areas approved by the bank or cash/shares.
• Facility Type: Term Loan.
• Facility Amount (maximum):
  • Category A – N150 million
  • Category B – N75 million
  • Category C – N50 million
• Equity Contribution: Minimum of 20%
• Tenor (maximum): Maximum of 20 years (This is still subject to the shorter of 20 years or number of years to retirement. Retirement age is fixed at 55. Therefore, if an applicant is 45 years old, he can borrow for a maximum of 10 years).
• Tenor (minimum): One (1) year
• Target Market:
  • Individuals in paid employment whose salaries, allowances and terminal benefits are domiciled with GTBank.
  • Self employed individuals who can provide evidence to support sustainable income and business proceeds are domiciled with GTBank.
  • Nigerians living abroad who are interested in acquiring properties in approved locations. The applicant must show evidence of sustainable income.
• Pricing: Competitive Interest rates and fees.
• Insurance: Comprehensive insurance from Guaranty Trust Assurance.
• Repayment: Equal monthly installment comprising of both principal and interest. Monthly repayment should not be more than 35% of monthly salary.
• Interest Rate: Competitive Interest rates
• Insurance: Comprehensive insurance against loss or damage by fire, earthquake, rain or windstorm, tornado, or civil commotion.
• Repayment:
  • Equal monthly installment comprising principal and interest.
    OR
  • Equal periodic principal (Monthly, Quarterly, semi-annually and annually). Interest to be paid monthly on reducing balance.
  • Monthly repayment should not be more than 50% of monthly salary/income.
• Collateral:
  • Legal mortgage over the property to be acquired OR
  • Legal mortgage over an alternative property OR
  • Other acceptable collateral such as cash, shares etc

Click here to fill the GTMortgage Information Request Form